U.S. Mint Gold Coin Sales Near 60,000 Ounces In October – Swiss Gold Initiative Leading To Increase In Demand?
By: GoldCore
GoldSeek.com
Wednesday, 29 October 2014
The U.S. Mint has sold nearly 60,000 ounces of American Eagle gold coins so far in October due to increased global demand from store of wealth buyers as economic and geopolitical uncertainty increased.
With only three business days left until the end of October, the U.S. Mint has sold 59,500 American Eagle bullion one ounce gold coins. On a year-on-year basis, U.S. gold coin sales in October are up 21% from 48,500 ounces in October 2013.
Store of wealth silver bullion buyers continue to stack silver at a steady clip. They bought 4.12 million ounces of American Silver Eagle coins so far this month, versus 4.14 million ounces in September.
This means that nearly 68 times more silver in ounce terms was bought than gold. Silver buyers continue to see silver as severely depressed with silver below $20/oz and the gold silver ratio at 71 or $1,228/oz divided by $17.24/oz.
The gold bullion coin sales from the U.S. Mint are the highest monthly sales since January and are higher than the 58,000 that were sold in September. The 58,000 ounces sold in September was more than double the demand in August, mint data shows.
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